Was the 4500$ an EXTRA charge or interest charge?…are you paying $13000 + 4500$ +interest?

There may be a limit where you live for HOW MUCH interest can be charged but gerally the admin cost or service charge or commission..(whatever you want to call it) is what ever you accept.

Keep in mind…you screwed up n the past on your credit now you have to pay the price….FIX your credit and all will be well…if you do nothing….IT GETS WORSE!….remember…if you dont USE credit…your score goes down…you need to use credit to maintain and build….

Take your lumps and do what is required to BETTER your situation…

remember…”credit is not something YOU deserve….its something you EARN”

I am ashamed of you since you have not done much of your homework. Your neighbor state New Jersey has an abundance of cars for the picking which could be had with a little more savings paid outright and do not have to pat through the nose for prior mistakes,next time try CSWmarketing .com Proxy bid.com maltzauctions.com, they operate right in your area on a weekly basis.

That’s an additional 35% and would seem to violate ursury laws. Check with your state agency that regulates lending institutions, usually it’s the Comptroller office. I would create as much trouble for that lending institution as I could. Also, is it too late to renig on the loan? Many states allow a few days after the purchase for the car buyer to return the vehicle to the dealership for a full refund. If that is the case, then do it.

I know a couple of people who are paying an 18% interest rate on their car loan due to bad credit. That adds quite a bit of money over a 5 yr. period. I’ve never heard of a “fee” though.

Well, unfortunately I do not think there is a limit. If one has bad credit, the advantage is with the lender. He has control over the borrower. If you sign a contract, you are liable. Best to get your credit rnewed and get a normal loan. Pay off the debt. Establish a spending style/budget you can live on and not waste money. take the bus in the meantime. Carpool etc. Cut out unneeded expenses. A car is a luxury not a neccesity. Only buy absolute neccessities until you pay off the debt. Then start working a on a balanced budget & savings plan.

Banks are regulated either by the state, or federal government, and when they tack on a charge, you can bet that 99.9 % of the times they are within their legal rights to do so.

Depends on your state law BUT this was not interest it had to be a combination of fees ( late payments ? ) but $4500 extra is almost impossible you need to read the statement that breaks down the amounts -if you like you can e-mail the details and i will try to explain it

Yes, it’s becoming more common. It’s called predatory lending and states are just now starting to look into it and pass laws. My guess is for the time being, they can charge whatever you’re willing to pay. Contact your state’s attorney general’s office for more info on what lenders can/can’t do.